The Portland daily press., 1887-06-15
COLLAPSED.
The York County Patrons Insurance
Company Stop Business.

BIDDEFoRD. June A.-The York County
Patrons Fire Insurance Company has stop
ped, and notified holders of its policies that
they are cancelled. An assessment will be
made at once to pay all losses.
The practical downfall of this company is
by no means surprise to anybody. 1t has
been predicted, time and time again, that
but very few smart losses would bring its af-
fairs to very speedy conclusion, and many
of the farmers in this vicinity have been ad-
vised by responsible parties against taking
out policies in the concern. No one for a
moment questions the honesty of purpose of
the gentlemen who have arranged the affairs
OF the company, but the mere fact that there
has been no solid financial basis for the COM
pany to work upon since it was chartered,
aud the attending danger from fire convinced
those who devoted any serious thought to the
matter, that the company could not be ex-
pected to enjoy very long and prosperous
life. With the assessments that are expect
ed to be recovered. the company will un-
doubtedly wind up its affairs in a solvent
state: The company was chartered in 1877,
and for time its life was unclouded by ad-
versity OF any kind. Due care was exercised
=
were taken that those to whom polices were
Issued should be men of character and un-
tarnished by the slightest suspicion of re-
proach. The company prospered, and the
freedom from losses by fire it enjoyed in
duced large numbers to take out policies
The original intention was to insure proper
ty tin York county only, but after while
the business was extended, and gradually
branched out in different sections of the
State: To this fact the suspension at this
q q hn mt Eroo IN.
county and elsewhere beyond the confines of
old York, made serious draw upon the as
sesSment notes and compelled the issue of
the notification given above. The first fire
OF any consequence that the company was
interested in, and 1t has never suffered to any
extent from fires in York county, was one for
which an $500 policy was issued. This caus-
ed the company to shake somewhat, but the
loss was met and business was carried on af-
terwards. Then came $4,000 fire in the
eastern part of the State, and although it
was. pretty generally believed that the claim
ought not to be allowed, the company was
not able to Eproduce conclusive evidence to
that effect, and had no alternative but to
grin and bear the loss. 1t is said that Ivory
Lord Of Saco, who was one of the most inter-
eSted members of the company and induced
many OF his friends and neighbors to take
out policies, was greatly affected by this loss
to the company, and it is believed that it was
factor in bring about his death some two
Two of the fires of recent date that caused
losses to the company were those of j. g. a
Nj. l.. Croxford of Carmel, for $1,000, and
Isaac S. Hunt of the same place, for 500,
both Of which occurred on May 10th An
other firm in which the company was inter-
ested was that of Dana Cotton of Hiram,
May 7, 1886, who was insured for 500. The
company made further attempt to prove
that Cotton did not insure the buildings he
insured in his name The last annual meet
ing OF the company was held on Wednesday,
FEB. 10th. in Saco, when the secretary made
his report, which showed favorable condi-
tion o. affairs. Up to that time the compa-
ny had had but one fire during the preceding
year, and no assessments had been made
during that time. The company during the
fiscal year had written policies to the amount
OF $50, ,376, and the whole number of policies
held by the company was 408. The secreta-
rvs report stated that the amount of policies
in force was $481, $50. The last directory of
the company comprised such men as B. f.
Pease Of Cornish. Eben Barker of Cornish,
George III. Boothby of Saco, Elliot Fernald
and VIM. II. Deering of Saco, j. Burton
Roberts of Dayton, Leonard Lord of Saco,
and G. w. Page of Newfield Center. The
company did business upon system re-
Quiring person becoming a member to pay
50 on $1,000 insured, and deposit note for
$50 on $1,000 insured, and it is said that at
the present time, unless losses have been
paid since the above certifcation was issued
that the company has 5000 worth of collect
able rates in its hands.